Home prices post record 18% drop

"Home prices posted another record decline in October, falling 18% compared with a year earlier, according to a closely watched report released Tuesday.

The 20-city S&P Case-Shiller index has posted losses for a staggering 27 months in a row. In October, 14 of the 20 cities set fresh price decline records.

'The bear market continues; home prices are back to their March 2004 levels,' says David Blitzer, Chairman of the Index Committee at Standard & Poor's."

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Home prices post record 18% drop

Number of Active & Sold Listings in the Phoenix-Metro Area (12/28/2008)

I will be posting the number of active listings in ARMLS (Arizona Regional Multiple Listing System) covering the Phoenix-Metro Area each week. Check back each week to see the updated numbers:

Total Active Listings - 54,392 (-306)

Single Family Detached - 44,707 (-257)
Patio homes - 921
Townhouses - 3,535
Apartment Style - 3,121
Gemini/Twin Homes - 400
Manufactured/Mobile Housing - 1,416
Modular/Pre-fab - 40
Loft Style - 251

Total Sold Listings (2008) - 58,426 (+966)

Single Family Detached - 51,362 (+880)
Patio homes - 856
Townhouses - 2,844
Apartment Style - 2,093
Gemini/Twin Homes - 321
Manufactured/Mobile Housing - 837
Modular/Pre-fab - 17
Loft Style - 96

Mortgage applications soar as rates fall

"Near record low mortgage rates sent mortgage applications shooting higher last week, especially for refinances, according to an industry report.

The Mortgage Bankers Association reported that its overall Market Composite Index, a measure of mortgage loan application volume, shot up 48% on a seasonally adjusted basis for the week ending Dec. 19.

That was driven by a 62.6% leap in the group's Refinance Index. But the Conventional Purchase Index also increased 17.7%. The only component of the overall index to fall was the Government Purchase Index, which largely tracks FHA loans. It slipped 3.4%"

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Mortgage applications soar as rates fall

The rush to refi is on - should you join?

"Falling interest rates are fueling a mortgage refinance frenzy as homeowners rush to reduce their housing payments.

The average rate for a 30-year, fixed mortgage dropped to 5.08% last week, according to the Mortgage Bankers Association, more than a full point lower than just a month ago.

Mortgage applications were up a whopping 48% last week, according to the MBA and more than 80% were from homeowners looking to lower housing costs."

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The rush to refi is on - should you join?

Home sales dropped 8.6% last month

"The number of existing homes sold during November plummeted 8.6% as prices plunged by record amounts, according to a closely watched housing industry report issued Tuesday.

The National Association of Realtors said that home sales dropped to an annualized rate of 4.49 million units. That was down from 4.98 in October and much less than the 4.93 million units projected by a consensus of industry analysts as reported by Briefing.com.

'The only region where we're seeing more sales are where bargain hunters are taking advantage of distressed sale prices,' said Lawrence Yun, the Realtors' chief economist. 'About 45% of transactions, nationally, were of distressed properties.'"

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Home sales dropped 8.6% last month

Number of Active & Sold Listings in the Phoenix-Metro Area (12/21/2008)

I will be posting the number of active listings in ARMLS (Arizona Regional Multiple Listing System) covering the Phoenix-Metro Area each week. Check back each week to see the updated numbers:

Total Active Listings - 54,698 (-101)

Single Family Detached - 44,964 (-88)
Patio homes - 935
Townhouses - 3,575
Apartment Style - 3,105
Gemini/Twin Homes - 404
Manufactured/Mobile Housing - 1,422
Modular/Pre-fab - 38
Loft Style - 255

Total Sold Listings (2008) - 57,460 (+1,453)

Single Family Detached - 50,482 (+1,295)
Patio homes - 846
Townhouses - 2,811
Apartment Style - 2,061
Gemini/Twin Homes - 318
Manufactured/Mobile Housing - 830
Modular/Pre-fab - 16
Loft Style - 96

Unfinished subdivisions stuck with underfunded HOAs

"When the San Tan Heights Homeowners Association switched from developer control to homeowner-elected leaders in August, its new board members and management company learned that the HOA was practically DOA.

Its problems included nearly $1.6 million in unpaid dues that the previous HOA board in the Queen Creek-area community had made no effort to collect.

The biggest individual delinquencies belong to bankrupt home builders."

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Unfinished subdivisions stuck with underfunded HOAs

Mortgage rates fall to 37-year low

"Mortgage rates fell this week, with the 30-year fixed mortgage sinking to its lowest rate in 37 years as the Federal Reserve cut interest rates to historic lows.

Government-sponsored mortgage lender Freddie Mac (FRE, Fortune 500) said Thursday that fixed rates on 30-year mortgages averaged 5.19% for the week ending Dec. 18. That's down from 5.47% last week and below the year-ago rate of 6.14%.

'Interest rates for 30-year fixed-rate mortgage rates fell for the seventh consecutive week, moving these rates to the lowest since the survey began in April 1971,' said Frank Nothaft, Freddie Mac vice president and chief economist."

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Mortgage rates fall to 37-year low

Housing permits, starts sink to record lows

"Housing permits and starts fell to record lows in November, the government said Tuesday, in the latest sign that the housing market is continuing its decline.

Housing permits fell more than 15% to an annual rate of 616,000 last month, the Commerce Department said, while starts slid nearly 19% to an annual rate of 625,000.

'[Housing permits and starts] are startlingly low and really underscore the degree to which builders are cutting back aggressively on construction,' said Mike Larson, a real estate analyst for the Weiss Group. 'We still have too many homes for sale on the market.'"

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Housing permits, starts sink to record lows

U.S. homes lose $2 trillion in value during 2008

"American homeowners will collectively lose more than $2 trillion in home value by the end of 2008, according to a report released Monday.

The real estate Web site Zillow.com calculated that home values have dropped 8.4% year-over-year during the first three quarters of 2008, compared with the same period of 2007.

Some 11.7 million Americans are now 'underwater,' owing more on their mortgage balances than their homes are worth."

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U.S. homes lose $2 trillion in value during 2008

Foreclosure workshop draws crowds in Gilbert

"Fears of impending foreclosure drew about 110 people to Gilbert on Saturday for a workshop that addressed everything from budgets to last-resort loan options.

The workshops, sponsored by the Leadership Centre and the Arizona Foreclosure Prevention Task Force, have been held Valley-wide. One in Glendale drew 1,800 people.

The workshops are designed to help homeowners learn their options to avoid a foreclosure before their home is sold by the lender."

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Foreclosure workshop draws crowds in Gilbert

Number of Active & Sold Listings in the Phoenix-Metro Area (12/14/2008)

I will be posting the number of active listings in ARMLS (Arizona Regional Multiple Listing System) covering the Phoenix-Metro Area each week. Check back each week to see the updated numbers:

Total Active Listings - 54,799 (-26)

Single Family Detached - 45,052 (+22)
Patio homes - 929
Townhouses - 3,561
Apartment Style - 3,120
Gemini/Twin Homes - 405
Manufactured/Mobile Housing - 1,443
Modular/Pre-fab - 38
Loft Style - 251

Total Sold Listings (2008) - 56,007 (+897)

Single Family Detached - 49,187 (+816)
Patio homes - 830
Townhouses - 2,738
Apartment Style - 2,017
Gemini/Twin Homes - 311
Manufactured/Mobile Housing - 815
Modular/Pre-fab - 16
Loft Style - 93

53% of rescued borrowers default anyway

"More than half of delinquent homeowners whose mortgages were modified earlier this year ended up redefaulting within six months, a top bank regulator said Monday.

Some 53% of borrowers with loans modified in the first three months of 2008 and 51% of those with loans modified in the second quarter could not keep up with payments within six months, according to U.S. Comptroller John Dugan, who spoke at a housing conference.

The report, which will be released in full next week, covers nearly 35 million loans worth a total of $6 trillion - or 60% of all primary mortgages in the United States."

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53% of rescued borrowers default anyway

Mortgage rates hit 41/2 year low of 5.47%

"Mortgage rates fell again this week, following the government's efforts to assist the troubled housing market.

Government sponsored mortgage lender Freddie Mac said Thursday that fixed rates on 30-year mortgages averaged 5.47% for the week ending Dec. 11. That's down from 5.53% last week and well below 6.11%, which is where the rate stood at this time last year.

Mortgage rates began to fall after November 25th, when the administration announced that it would pump another $800 billion into the credit markets to unfreeze consumer and mortgage lending."

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Mortgage rates hit 41/2 year low of 5.47%

Mortgage applications down from prior week's surge

"Mortgage applications fell last week, edging down after a surge in the week prior when the Federal Reserve's purchase of debt pushed down interest rates. That enticed many homeowners to refinance.

The Mortgage Bankers Association reported Wednesday that mortgage loan application volume fell 7.1% on a seasonally adjusted basis for the week ended Dec. 5.

The week prior, mortgage loan application volume had surged 112.1% on a seasonally adjusted basis."

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Mortgage applications down from prior week's surge

Number of Active & Sold Listings in the Phoenix-Metro Area (12/7/2008)

I will be posting the number of active listings in ARMLS (Arizona Regional Multiple Listing System) covering the Phoenix-Metro Area each week. Check back each week to see the updated numbers:

Total Active Listings - 54,825 (-379)

Single Family Detached - 45,030 (-332)
Patio homes - 922
Townhouses - 3,568
Apartment Style - 3,168
Gemini/Twin Homes - 399
Manufactured/Mobile Housing - 1,450
Modular/Pre-fab - 38
Loft Style - 250

Total Sold Listings (2008) - 55,110 (+1,332)

Single Family Detached - 48,368 (+1,199)
Patio homes - 820
Townhouses - 2,712
Apartment Style - 1,989
Gemini/Twin Homes - 307
Manufactured/Mobile Housing - 806
Modular/Pre-fab - 16
Loft Style - 92

Foreclosures soar 76% to record 1.35 million

"A record 1.35 million homes were in foreclosure in the third quarter, driving the foreclosure rate up to 2.97%, the Mortgage Bankers Association said Friday.

That's a 76% increase from a year ago, according to the group's National Delinquency Survey.

At the same time, the number of homeowners falling behind on their mortgages rose to a record 6.99%, up from 5.59% a year ago, the association said."

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Foreclosures soar 76% to record 1.35 million

Do your homework before home auctions

"See a 3,000-square-foot home, built in 2005, on the auction block with opening bid set at $50,000. Or a possible rental property, built in 1962, with an opening bid of $10,000.

It's enough to make your palms itch.

But before you raise your paddle, the auctioneer seems to be raising the price without any bids."

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Do your homework before home auctions

Tolleson blocks hit hard by foreclosures

"On two parallel streets in south Tolleson, residents are struggling to hang on to their homes.

Others are stuck, unable to sell because they owe more than their home is worth.

Some want to stay but are growing more concerned as they watch their neighbors leave."

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Tolleson blocks hit hard by foreclosures

Mortgage applications surge 112% in latest week

"Mortgage applications more than doubled last week, a mortgage bankers' group said Wednesday, as government bailouts led to sinking interest rates that made refinancing especially more attractive.

In the weekly report, the Market Composite Index - the association's measure of mortgage loan application volume - surged 112.1% on a seasonally adjusted basis from the week earlier.

On an unadjusted basis, the index increased 51.4% from the previous week; it was down 21.9% from a year earlier, the report said. Results included an adjustment to account for the Thanksgiving holiday."

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Mortgage applications surge 112% in latest week

Foreclosures make home selling too tough

"Selling a home in this market is hard enough. Competing in a neighborhood flooded with foreclosed homes that are heavily discounted is nearly impossible.

There are nearly a million repossessed homes on the market right now. And these homes, dubbed in the industry as REO (real estate owned) properties, are being marketed by the most motivated of all sellers - that is, the lenders stuck holding the bag when homeowners default.

On average, foreclosed homes are priced almost 40% lower than normal real estate listings, according to data supplied by Trulia.com, the real estate Web site."

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Foreclosures make home selling too tough

FDIC head says stepped up foreclosure prevention is needed

"The nation's top banking regulator warned Tuesday that help for troubled homeowners is failing to keep pace with the foreclosure crisis.

'We're definitely behind the curve, and we fall further behind the curve every day,' FDIC Chairwoman Sheila Bair told an audience at the Fortune 500 Forum in Washington, D.C.

According to Bair, the nation's financial system would be in much better condition today if earlier warnings she made about mortgage modification had been heeded."

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FDIC head says stepped up foreclosure prevention is needed

Valley housing recovery on track

"National real-estate analyst Tim Sullivan of the Sullivan Group put together a seven-point test to track a recovery of metropolitan Phoenix's housing market. Last December, the Valley passed only one of the measures.

Check out the area's current housing report card on Sullivan's seven criteria. The market is getting better marks."

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Valley housing recovery on track